MKG 300 Exam 1

According to the text, marketing means
Much more than just selling and advertising
For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electris vehicles and what kinds they will make, is
A part of marketing
Marketing
Provides direction for promotion
Customer satisfaction is the extent to which a firm fulfills a consumers
Needs, desires, and expectations
Marketing can be viewed as
A set of ativities performed by individual organizations, relevant to both business and nonprofit organizations, and a social process.
Looking at marketing as a set of activities focuses on
Micro-marketing
What statement by a U.S. president best reflects a MICRO view of marketing?
“Tourism firms should advertise more to attract more international visitors.”
Marketing will no happen unless
Two or more parties each have something they want to exchange for something else.
MACRO-marketing
emphasizes how the whole marketing system works
Discrepancies of assortment happen when
producers specialize in producing a narrow range of goods and services but consumers need a wide variety.
“economies of Scale” means that
As a company produces larger numbers of a particular product, the cost of each unit of the product goes down
Which of the following is NOT one of the ‘universal functions of marketing’?
Production
The standardization and grading function of marketing involves
Sorting products according to size and quality.
In a market-directed economy
consumers decide what is to be produced and by whom through their dollar votes
The 3 basic ideas in the ‘marketing concept’ are
customer satisfaction, total company effort, and profit
customer value
is greater if benefits exceed costs and affects a customers relationship with a firm before and after a sale.
A marketing strategy
SPECIFIES A TARGET MARKET AND A RELATED MARKETING MIX
Target marketing, in contrast to mass marketing
tailors a marketing mix to fit some specific group of customers
Marketing strategy planners should recognize that
target marketing is not limited to small market segments
The market mix
helps to organize the marketing strategy decision areas
“Product” is concerned with
branding, packaging and warranty, physical goods, and services
Big Fizz Co, a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its exisiting product line. Big FIzz needs to make some decisions regarding packaging and branding of the fruit juices. THese decisions would fall under which variable of the marketing mix?
Product
A firms decisions regarding channel type, market exposure and kinds of intermediaries would fall under which variable of the marketin mix?
Place
PLACE is not concerned with?
Telling the target market what products are available-and where
The ____ area of the marketing mix includes decisions related to telling the target market or others in the channel of distribution about the “right” product
Promotion
The PRICE area of the marketing Mix
Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices and requires an understanding of discounts and allowances
MARKETING PLAN is
a marketing strategy– plus the time-related details for carrying it out.
Happy Feet shoe compan’s strategic policy states “carry as limited a line of colors, styles, and sizes as will satisfy the target market.” THis policy best relates to which deicisoin area of the marketing mix?
Product
Differentiation means that
A firms marketing mix is distinct from and better than what is available form a compeitior
When colgate encourages its current customers to brush more often by taking their toothbrush and toothpaste to work with them, which market opportunity is Colgate pushing?
Market penetration
When a firm tries to increase sales by selling its present products in new markets, this is called
Market development
When a firm tries to increase sales by offering new or imporved products to its present markets, this is called
Product developement
When a firm tries to incraese its total sales by offering new products to new markets, its pursuing
diversification
A good mission statement should NOT
embrace everything the firms stands for
Jazzy Tile Co. segmented its broad product-market and decided to aim at 2 different segments, offering each segment a different marketin mix. Jazzy Tiel Co. is following ______ apporach.
Multiple Target Market
When Procter & Gamble offers both Pantene and Vidal Sassoon shampoos to its customers, which target market apporach are they using?
Multiple
Watson’s Bakery fond 5 different market segments among customers for its bakery goods. When developing a market-oreinted stratgy, the marketing manager used a ___ approach, putting 2 target markets together and developing a single marketin mix that would meet the needs of the new larger segment
Combined Target Market
Combiners
Try to increase the size of their target markets by merging 2 or more segments
A combined target market apporach
many not satisfy customers as well as the multiple target market approach
Ideally, product-markets should be desicribed in terms of
Behavrioal needs, attitudes, and how present and potential goods or services fit into customers cinsumption patterns. Urgency to get needs staified and desire and willingness to compare and shop. Geoghraphic location and other demogrphic charateristics or potential customers
BEHAVIORAL (rather then DEMPGRPAHIC) segmenting dimensions include”
Purchase relationship
Which of the following is a DEMOGRAPHIX segemtnting dimension
Family Life cycle
Deciding whether a group of customers should be included ina target market is the purpose of
Qualifying
“Qualifying Dimensions” in contrast to “determinign dimensions”
indicate whether a person might be a potential customer but do not show which product or brand that person may buy.
COmpared to qualifying dimensions, determing dimensions
Are more likely to be related to the specific brand selected and are usally much more specific
James is a prospective car buyer. In his context, which of the following statemtns would reflect a determing dimension?
he needs a safe car
In the 7-step apprach to segmenting product markets, what is the next step after 1) selecting the broad product-market; and 2) identifying potential customers’ needs?
Form homogenous submarkets
Travel Magic Company wants to enter the hotel business. Its marketing managers are brainstorming ideas about why customers go to different hotels and then writing down customer requirements. At this point, Travel Magic is engaing in which step of the 7-step appraoch for segmentin product markets?
Identifying potential customers need
The 7-step appraoch to market segmentaion used in the text shows that
submarkets are nicknamed based on their determing needs.